By IANS,
Gandhinagar : The Gujarat High Court has allowed the merger of Needwise Advertising Private Ltd with Paras Pharmaceuticals Ltd, a fast moving consumer goods and personal care products company.
Justice K.A. Puj sanctioned an amalgamation plan of Needwise Advertising (transferor company) with Paras Pharmaceuticals (transferee company) after observing that it was neither prejudicial to the interest of shareholders nor to the public interest.
The court passed the order saying that the official liquidator of the transferor company and the corporate affairs ministry have said there are no prosecution proceedings pending against the company or its directors.
The court also considered the undertaking given by Paras Pharmaceuticals that it shall comply with the accounting treatment as prescribed in Accounting Standard 14, issued by the Institute of Chartered Accountants of India.
The court, however, ordered to keep the books, papers and records of the transferor company for eight years and directed the company not to dispose off the same without prior permission of the central government.